Bitcoin Foundation Urging NYDFS to Provide ‘More Research and Analysis on Bitlicense’
The fight over New York State’s “Bitlicense” proposal continues unabated as the Bitcoin Foundation pressures the state’s Department of Financial Services to follow its own rules. When the proposal was first released last July, the New York Department of Financial Services (NYDFS) ordered a waiting period to allow for public comments. This window was to run from July 17,2014 and recently extended to October 20, 2014 and allow the public to examine the “extensive research and analysis” that was supposedly used when drafting the proposal. The Bitcoin Foundation, in an attempt to understand....
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The Bitcoin Foundation has again commented on the 'BitLicense' proposal put forth by the New York State Department of Financial Services (NYDFS) to regulate bitcoin businesses in the state. In a statement released today, the foundation highlights the need for public access to the "extensive research and analysis" cited by the NYDFS when the BitLicense was first proposed. This data, it says, is essential to examine the rationale used by the NYDFS in substantiating its regulatory proposal. The foundation further points out that the NYDFS has failed to produce these materials. Despite an....
No doubt, there's been a ton of chatter lately regarding the recently-released BitLicense and Bitcoin regulation proposals from the New York State Department of Financial Services (NYDFS). Many have seen promise, and others have nothing but questions. One such entity in the Bitcoin Foundation. Using New York law that would require a statement of "needs and benefits" for proposed regulation, the Bitcoin Foundation wrote a letter to the NYDFS which includes a request under the New York Freedom of Information Law (FOIL) for "any risk management and cost-benefit analysis (or any other....
The New York Department of Financial Services promised to provide the Bitcoin Foundation with more information on draft 'DFS-29-14-00015-P,' "Regulation of the conduct of Virtual Currency Businesses," or otherwise known as the BitLicense, after the Foundation had filed with the NYDFS yesterday with concerns and comments, in accordance to the New York Freedom of Information Law for "any risk management and cost-benefit analysis (or any other systematic assessment) that is a part of the 'extensive research and analysis'." Jim Harper leads the Bitcoin Foundation's Global Policy Counsel. He is....
No doubt, there's be no shortage of discussion surrounding the so-called BitLicense proposal put out by the New York Department of Financial Services (NYDFS). The proposal, which is currently in a commenting period, has attracted the attention of consumers and businesses alike. Many, it seems, aren't fond of the strict regulations the NYDFS plans to put in place, citing the possibility that these regulations could stifle innovation in the cryptocurrency industry in the state of New York. And one of the loudest voices when it comes to telling the Department of Financial Services whats on....
The Bitcoin Foundation is reporting that certain information it requested from the New York State Department of Financial Services (NYDFS) under the Freedom of Information Law will not be delivered as soon as originally suggested. The latest correspondence stated the foundation would now receive information about the BitLicense's deliberation process within 120 days. The organisation had originally hoped to receive a response within 20 days of its filing. A post penned by Jim Harper, the Bitcoin Foundation's global policy counsel, outlined what the organisation had hoped to achieve with....